**[Global Debt Reaches a Record $348 Trillion by the End of 2025]** According to a report by Jinse Finance, the Institute of International Finance (IIF) released a report on Wednesday stating that global debt reached a record $348 trillion by the end of 2025. Last year alone, debt increased by nearly $29 trillion, marking the fastest annual growth rate since the early stages of the pandemic. Data shows that the current global debt cycle is no longer primarily driven by households or businesses but is instead largely fueled by persistent fiscal deficits in major economies. In its latest *Global Debt Monitor* report, the IIF highlighted that this growth was mainly driven by governments, with government debt accounting for over $10 trillion of last year's increase. The report noted that by 2025, the global debt-to-GDP ratio slightly declined to approximately 308%, primarily driven by developed economies. Meanwhile, the debt-to-GDP ratio in emerging markets continued to rise, reaching a historic high of over 235%.